Top 3 Trends the Global Electric Motorcycles and Scooters Market Share
Over 2020-2026
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The global electric motorcycles and scooters market is slated to
observe immense growth due to the rising number of industry players
in the sector and increasing consumer inclination towards
battery-powered electric vehicles. Emerging companies like Gogoro,
Pedego Electric Bikes, and Segway are making partnership deals with
scooter-sharing firms to expand their presence and establish a
strong foothold in the market.
In addition, the launch of new products with greater style and
comfort is attracting a higher consumer attention towards the
sector. Taking January 2020 for instance, a leading automotive giant
in one of the world’s top two-wheelers market, Bajaj, launched its
new electric scooter, Chetak, in India at a starting price of
$1332.25. As with other India-focused vehicles, the scooter boasts
of range of up to 60 miles on full charge. Considering the
constantly rising fossil fuel prices in the region, the new scooter
is expected to record major growth as consumers shift to electric
means of transportation in the country.
According to a research report by Global Market Insights Inc., the
global electric motorcycles and scooters market is likely
to surpass a valuation of $40 billion by the end of 2026.
Following is a brief overview of major trends that are
characterizing the global electric motorcycles and scooters market
outlook:
Increasing adoption of 24V batteries in scooters
In terms of the voltage, 24V batteries are projected to observe a
tremendous demand from the electric scooters sector over the coming
years. These batteries offer shorter distance ranges that are
optimum for day-to-day commutes travel across populated urban
cities.
The product has a fewer number of cells, which reduces its weight
and cost significantly, effectively increasing their adoption in
daily commuter vehicle models. In addition, the ongoing expansion of
electric scooter sharing services for commute in urban areas would
propel the demand for 24V batteries over the coming years.
Rising environmental concerns
With an aim to tackle the environmental concerns arising due to
pollution, a number of global government organizations are actively
promoting the use of electric vehicles, including motorcycles and
scooters.
Several governments have rolled out favorable regulations and have
started providing consumers substantial subsidies, incentives, and
grants to promote the purchase of new electric scooters and
motorcycles, which is likely to significantly help augment the
overall market share.
Meanwhile, authorities across North America, Europe, and parts of
the APAC are increasingly implementing stricter vehicular emission
regulations and norms to control and effectively reduce their
respective carbon footprints. These efforts are actively directing
the consumers towards non fossil fuels based transportation,
contributing heavily towards the adoption of electric motorcycles
and scooters globally.
Shifting industry conditions in Asia Pacific
The Asia Pacific electric motorcycles and scooters market is slated
to foresee heavy growth over the coming years due to the growing
environmental concerns in the region. Rapidly growing levels of
carbon emissions is creating an immense need for eco-friendly
transportation solutions across countries like China and India.
The APAC is also home to the world’s largest two-wheeler market with
India, Vietnam, and China leading the charge. Considering its
potential, several market players are actively looking to
consolidate their presence in the regional market. In fact, emerging
manufacturers like Ultraviolette Automotive and Emflux are foraying
into India, which is likely to majorly impact the regional market
outlook through the projected timeframe
.
Meanwhile, in other regional markets that do not have as flourishing
of a two-wheeler industry as APAC, major industry players are
implementing different strategies such as collaborations and
acquisitions to bring in revenues from the market. Taking January
2020 for instance, renowned electric scooter company, Bird,
reportedly announced the acquisition of its rival Circ for an
undisclosed amount. The acquisition would allow Bird to stake a
bigger claim of the Europe micromobility market.
The competitive landscape of the global electric motorcycles and
scooters market is inclusive of players such as Z Electric Vehicle,
Zero Motorcycles, Govecs Group, KTM, Energica Motor Company,
Lightning Motorcycles, Mahindra GenZe, Shandong Incalcu Electric
Vehicle, Amper Vehicles, and Harley Davidson among others.
Author Bio:
Akshay Kedari
A qualified computer engineering graduate,
Akshay Kedari takes pride in having his way with words. Following
his passion for content creation, he writes insightful pieces on
numerous portals, pertaining to the domains of technology and
business. Also endorsed with a short-term experience in web
development, Akshay lends expertise procured from his core domain in
the articles he pens down. |